Free Adam Smith Essay What do you consider to be Adam Smith’s legacy to the economics discipline? Introduction. Adam Smith more popularly knows as the father of Economics wrote The Wealth of Nations, which is believed to have laid the foundation of economic thought and led to emergence of various schools of economic thought. Smith was a lecturer at the University of · There is no doubt that Adam Smith was a truly famous philosopher and a founder of classical political economy. His book “An Inquiry into the Nature and Causes of the Wealth of Nations”, no doubt, is one of the greatest works in the history of humanity. “The Wealth of Nations” mentions relatively many important concepts, including the concept of the division of · Adam Smith's seminal text The Wealth of Nations stands a tribute to the value of capitalism. Fundamentally its author espouses an optimistic faith in the essential rationalism of human society and human desires
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There is no doubt that Adam Smith was a truly famous philosopher and a founder of classical political economy.
However, it must be considered that there are some limitations, adam smith essays, which are caused by historical changes. Although the author did not provide a clear definition of the division of labor, he provided a detailed explanation of the significance and main impacts of this concept. He noticed that different manufactures can specialize in different types of activities and in the production of different types of goods.
He also paid attention to the fact that great manufactures often adam smith essays the division of labor even within manufacture itself when different tasks and operations can be divided between different workers. Smith claimed that labor could be divided and even subdivided so that every worker could be responsible for one simple operation. On his opinion, the most intensive division of labor is present in countries with the most developed industry and the highest degree of improvement.
Therefore, in relatively poor countries the division of labor is not developed and one person has to do many different types of work, adam smith essays, what does not allow to benefit from specialization. In developed countries, on the contrary, narrow specialization is widely spread. As a result, there emerges a large number of trades and professions even within one branch industry.
However, Smith believed that in agriculture opportunities for the division of labor are more limited. Because of the seasonal changes, one worker cannot do the same job constantly, what in turn limits the positive effects of specialization.
That is why Smith claimed that improvement of labor efficiency in agriculture tended to be slower in comparison with progress in the industry. Moreover, he stated that the most successful nations can overachieve their neighbors in both agriculture and industry but industrial development plays a significantly larger role.
Despite the weak industrial development, poor countries still can successfully produce and export agricultural products because they are cheaper. Smith explained significant positive impacts of the division of labor with 3 main factors.
First of all, concentration on one type of activity allows to develop good skills, what increases the quantity of performed work and leads to improvement of efficiency. Also, specialization could prevent loss of time that had to be spent for transferring from one type of work to another so that more time could be devoted to work.
Moreover, specialization always tended to lead to the invention of new machines and other useful inventions that improved productivity dramatically. He believed that concentration on one object and one problem allowed people to discover easier ways to perform a certain type of work. Smith claimed that one of the most important reasons of the division of labor was human nature.
Humans have the ability to communicate with each other, cooperate and exchange some things for another. Moreover, while animals mostly tend to be independent and self-sustainable, people mostly are interdependent.
As a result, people started specializing in certain activities and selling results of their labor in order to be able to get what they needed. The difference in talents, education, customs and habits leads people to different career choices. Smith emphasized that the division of labor is limited by the extent of the market. He claimed that if a market is very small, a person will not tend to devote oneself to one certain profession because such a strategy is not effective and does not provide with all necessities.
Moreover, there are such branches of industry that require large markets for example, cities in order to function properly. First of all, it should be noticed that Adam Smith was completely right when he claimed that the division of labor leads to significant improvement of labor productivity, adam smith essays. Considering the evidence provided by the author and the character of the economic development of the global economy, it can be stated that the division of labor increases productivity.
Moreover, it has to be mentioned specialization is really widely applied and very many examples can be provided in order to support this statement.
There is a very large number of different professions such as programmers, technologists many typesmanagers, different types of workers both skilled and unskilled and many others. Moreover, many modern factories combine extremely many technological operations and, mostly, each of them has to be either performed or overseen by a curtain specialist.
Numerous assembly plants can be considered as a good example of widely spread division of labor in the modern world. On the one hand, there is no doubt that the lack of specialization is spread only in poor countries while all developed countries for example, adam smith essays, the USA use many modern technologies, what in turn lead to a diversity of professions. However, Adam Smith could not know that in the future economy of the country would be able adam smith essays be based rather on services than industry.
For example, the economy of Hong Kong is mostly based on services, although it is characterized by high level of the division of labor. Moreover, adam smith essays, Smith was adam smith essays, claiming that poorer countries can be exporters of agricultural products.
However, his statement that agriculture develops slower than the industry is not completely correct adam smith essays it could not consider the impacts of Green Revolution and the introduction of new technologies. The thesis that the division of labor is limited by size of market is absolutely correct because it is confirmed by modern researches.
Also, there are many examples that can support this thesis. For example, it is well known that manufacturing plants require certain amounts of production in order to be profitable, what in turn requires a certain size of market. Moreover, adam smith essays, Smith provided a perfectly inteligible explanation of social and psychological reasons of the division of labor. He also emphasized that people depend on each other, what still is correct in conditions of the globalized world when.
For example, Smith was right when he mentioned a significant role of the division of labor in increase of labor productivity and economic development, which still remains. However, his statements about the lack of specialization in agriculture and the decisive role of industry in economic prosperity have already become obsolete because of introducing new technologies and emerging of post-industrial economies that are based on services, adam smith essays. StudySaurus is run by two uni-students that still get a kick out of learning new things, adam smith essays.
We hope to share these experiences with you. Stuck on Your Essay? Search For Search. Home Knowledge Base General Essays Adam Smith Essay. Topic: Adam Adam smith essays and the Division of Labor Essay There is no doubt that Adam Smith was a truly famous philosopher and a founder of classical political economy, adam smith essays.
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Free Adam Smith Essay What do you consider to be Adam Smith’s legacy to the economics discipline? Introduction. Adam Smith more popularly knows as the father of Economics wrote The Wealth of Nations, which is believed to have laid the foundation of economic thought and led to emergence of various schools of economic thought. Smith was a lecturer at the University of · There is no doubt that Adam Smith was a truly famous philosopher and a founder of classical political economy. His book “An Inquiry into the Nature and Causes of the Wealth of Nations”, no doubt, is one of the greatest works in the history of humanity. “The Wealth of Nations” mentions relatively many important concepts, including the concept of the division of · Adam Smith's seminal text The Wealth of Nations stands a tribute to the value of capitalism. Fundamentally its author espouses an optimistic faith in the essential rationalism of human society and human desires
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